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Geothermal drilling firm Iceland Drilling to be set in sales process

Drilling rig of Iceland Drilling at Hellisheidi, Iceland (source: Iceland Drilling)
Alexander Richter 13 Apr 2018

Geothermal drilling specialist Iceland Drilling is being set in sales process manged by Icelandic bank Islandsbanki.

A sales process is about to be initiated for the sale of all shares in Iceland Drilling (Jarðboranir), sources told ThinkGeoEnergy. Iceland Drilling is owned by SF III, a fund managed by Stefnir Asset Management, private investors and employees. Íslandsbanki has been mandated to manage the sales process.

Iceland Drilling was established in 1986 on the foundations of its state-owned predecessor that had successfully operated in drilling of geothermal wells in Iceland since 1945. The key aim with establishing Iceland Drilling was to maintain and enhance within the company the specialized knowledge and skill acquired in the field of onshore drilling over the past decades.

Iceland Drilling is a dominant player in the Icelandic market in addition to participating in tenders all over the world. The company has gained significant experience in high temperature drilling and operates six rigs as well an additional number of smaller rigs for low temperature drilling. The company employs 150 people.